I am really enjoying these reports now. For too long it was only bad news, now there is a positive trend happening. Our pending sales are continuing strong depleting our inventory even further.
This weeks stats: -14.3% new listings, +35.6% Pending sales, -20.9% Fewer Listings. (these are year over year figures)
We broke the 24,000 inventory figure and we are now 23,849 active properties for sale in the Twin Cities. This is great news. We will likely see the inventory drop even further as we had into fall and winter, a number of sellers opt to pull their homes from the market and wait for spring.
As we’ve previously pointed out, shrinking inventory levels can be an important market signal. There are currently 23,849 active listings from which buyers can choose, 20.9 percent fewer than last year at this time.
Next week, watch for a changing story with absorption rates and seller concessions. As supply and demand attempt to find neutral ground, sellers are making fewer concessions in order to sell their homes.
Source: Minneapolis Realtor Assocation of Minnesota
- Twin Cities Housing Market, Weekly Update (craigkamman.wordpress.com)
- Builders Association of the Twin Cities August 2011 Hot Sheet – Trends in New Construction (johnmurphyreports.com)
- Twin Cities Real Estate Market Pent up Demand (craigkamman.wordpress.com)
- Twin Cities Real Estate Blog: 1700+ Short Sales Stuck Waiting for Bank Approval (ctebockhorst.wordpress.com)